Guidance Note 4 of 2011-No more conversion from Company to a Close Corporation
- This guidance note is issued in terms of 4 of the Companies Regulation, 2011 and relates to:
- Section 27 of the Close Corporations Act , 1984 (as repealed); Paragraph 2 of Schedule 3 of the Companies Act, 2008; and Section 3 of Schedule 5 of the Companies Act, 2008.
- The Companies Act, 2008, repealed Section 27 of the Close Corporations Act, 1984 relating to the conversion of companies to close corporations. This means that with effect from 01 May 2011 the Companies and Intellectual Property Commission (CIPC), which was established as a result of Companies Act, 2008, will not process any application relating to the conversion of a company to a close corporation.
- As stipulated in Section 2 of Schedule 5 of the Companies Act, 2008, the CIPC will finalise all existing conversion applications filed before 1 May 2011 in terms of Section 27 of the Close Corporations Act.
- Finally, it is worth to note that registered close corporations will continue to be maintained of the CIPC database.
- Yours faithfully,
No related forms.
No related sections.
No related regulations.
No related note.